This dashboard is based on the work of trendEcon. The data are scraped from Google Trends through the use of the trendecon R-package. The sectoral indicators are slightly adapted to match Austrian search keywords (e.g. different stores). The main focus of this project is to test the accuracy of the main indicator (PES) in a VAR forecasting framework.
The indicator for Perceived Economic Situation includes search terms that reflect people’s worries about the economy. For instance, people then google “economic crisis” (Wirtschaftskrise).
The category Clothing and Shoes includes clothing and shoe stores as well as a general search terms related to buying clothes and shoes. trendEcon found that people directly google for the brands they like. Note: the searchword “zalando” was not included because Zalando was not available in Austria before 2012.
The category Home Office combine Google inquiries related to the new normal of working from home. The working-from-home-index contains the search terms:
The category Gardening and Home Improvement includes stores selling materials for home improvement such as building materials, garden accessories and electrical supplies.